Algeria, which is facing a record $29bn budget deficit this year, has raised AD568bn ($5.1bn) from a local bond issue launched between 17 April and 16 October, Finance Minister Hadji Baba Ammi told state news agency APS.

The cash, slated to fund domestic projects, will be much needed given that spending this year is budgeted at $81.5bn, whilst the country is on track to earn just $25bn from oil and gas exports. Oil and gas export revenue was $60bn in 2014 and $63bn in 2013 when it accounted...